Tapestry Looks Strong Heading Into 2023. Time to Buy?
You might not know the name Tapestry (NYSE: TPR), but you may know its brands, including Coach, Kate Spade, and Stuart Weitzman. This luxury goods stock has held up relatively well in 2022 with a decline of 6% year to date versus a drop of 18% and 31%, respectively, for the S&P 500 and Nasdaq Composite. Here's why the company looks well-positioned to provide investors with solid returns as we round the corner into 2023.
For its fiscal 2023's first quarter (ended Oct. 1), Tapestry reported record revenue of $1.5 billion. The company shrugged off concerns about inflation and China's lockdowns and managed to grow revenue 5% year over year on a constant currency basis. International sales grew by 11% year over year on a constant currency basis. Earnings per share also grew 8% on a constant currency basis.
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Source Fool.com
